{"id":48841,"date":"2024-07-03T08:40:38","date_gmt":"2024-07-03T08:40:38","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/07\/03\/asian-shares-mostly-higher-on-fed-rate-cut-hopes\/"},"modified":"2024-07-03T08:40:38","modified_gmt":"2024-07-03T08:40:38","slug":"asian-shares-mostly-higher-on-fed-rate-cut-hopes","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/07\/03\/asian-shares-mostly-higher-on-fed-rate-cut-hopes\/","title":{"rendered":"Asian Shares Mostly Higher On Fed Rate Cut Hopes"},"content":{"rendered":"
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Asian stocks rose broadly on Wednesday as comments from Federal Reserve Chair Jerome Powell reinforced expectations that the Fed might cut interest rates this year.<\/p>\n

Japanese markets<\/span> led regional gains as the yen stayed near 38-year lows. The dollar’s retreat helped gold and oil prices push higher but the upside was capped ahead of the release of U.S. June jobs report and upcoming elections in France and the U.K. <\/p>\n

China’s Shanghai Composite index dipped 0.49 percent to 2,982.38 after a private survey showed services sector activity in the country cooled to the weakest in eight months in June. <\/p>\n

Hong Kong’s Hang Seng index climbed 1.18 percent to 17,978.57, led by technology<\/span> stocks. <\/p>\n

Japanese stocks rose for a fourth consecutive session as technology stocks followed their U.S. peers higher. <\/p>\n

The Nikkei average jumped 1.26 percent to 40,580.76 while the broader Topix index settled 0.54 percent higher at 2,872.18. <\/p>\n

Shin-Etsu Chemical, Advantest and Tokyo Electron rallied 2-3 percent while Screen Holdings surged 6.8 percent.<\/p>\n

The USD\/JPY pair reached a fresh 38-year high of 161.91 after the Jibun Bank Japan Services PMI was revised downward to 49.4 in June.<\/p>\n

Seoul stocks closed a tad higher on hopes for a possible U.S. rate cut. The Kospi average rose 0.47 percent to 2,794.01. Electric vehicle battery maker LG Energy Solution surged 4.2 percent and Samsung SDI added 4.3 percent. <\/p>\n

Australian markets closed higher amid strength in mining and energy stocks, thanks to higher iron ore and crude oil prices on expectations of strong China demand. <\/p>\n

The benchmark S&P\/ASX 200 edged up 0.28 percent to 7,7,39.90 while the broader All Ordinaries index gained 0.33 percent to close at 7,986.10.<\/p>\n

Australian retail sales rose more than expected in May, adding to bets that the Reserve Bank could raise interest rates in August. <\/p>\n

Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 index rose 0.12 percent to 11,790.92.<\/p>\n

Overnight, U.S. stocks struggled for direction before ending on a firm note as Fed Chair Jerome Powell acknowledged progress in disinflation but added that officials need more confidence before cutting interest rates.<\/p>\n

Bond yields drifted lower as new data showed an easing in labor market conditions despite a rise in the May job openings.<\/p>\n

The S&P 500 rose 0.6 percent to end above 5,500 for the first time ever and the tech-heavy Nasdaq Composite jumped 0.8 percent to a record close while the Dow added 0.4 percent. <\/p>\n<\/p>\n<\/div>\n